North America

Capacity

+198 MW added in 2011

EDPR’s wind installed capacity in North America totalled 3,422 MW, a 198 MW increase over 2010 and a 32% growth rate since 2007.

The two projects EDPR built in the United States in 2011 are excellent examples of EDPR’s three strategic pillars at work.

EDPR focused its growth in Ohio and built the state’s first large scale utility wind farm, Timber Road II (99 MW), with a 20 year PPA already secured, removing merchant price risk. This marked the platform’s 11th state with an operating project.

Additionally, the completion of the Blue Canyon VI (99 MW) wind farm in Oklahoma is one of the most competitive projects with a low capex per MW complemented by a strong wind resource, on average in the 40s for net capacity factor.

Development

215 MW under construction

As of December 2011, EDPR had the Marble River (215 MW) project under construction in New York.

North America’s pipeline ensures long-term term optionality and flexibility in choosing the best projects.

As part of a growing platform, EDPR Canada installed their first two met towers in Ontario, opened an office in Toronto, and established new prospects in Ontario and British Columbia.

Solar activities continued to advance as two new development sites were secured in Arizona and California and interconnection applications were submitted for existing sites.

Production

+21% GWh increase YoY

EDPR’s electricity production in North America totalled 9,330 GWh, a 1,641 GWh increase over 2010 and an 81% growth rate since 2007, outpacing capacity growth. The increase in production is mainly due to the new installed capacity during the period and a higher average wind resource.

33% net capacity factor

2011 resulted in the highest net capacity factor since 2009, with the November net capacity factor being the highest monthly figure in the company’s history.

In addition to a higher wind resource and improvements in the technical system in ERCOT, resulting in less curtailment, the higher performance can also be attributable to EDPR’s commitment to maximizing production output through the strong performance of our operations & maintenance teams to achieve high
technical availability.

Tariff

$46 average price

EDPR’s average selling price in North America reached $45.7/MWh, a $2.0/MWh (4%) decrease over 2010.

PPA/Hedged price decreased mainly as a result of a structural change in the ERCOT market which decreased curtailment revenues. However, total revenue was stable given the higher output resulting in higher PTC revenue (not included in the realized price).

In addition to lower PPA/Hedged prices, lower natural gas prices negatively impacted merchant prices during 2011.

During 2011, EDPR also entered into short-term hedge agreements to mitigate the exposure to merchant price volatility.

“We have not only built a very high quality portfolio of assets by matching world-class technology with a well balanced mix of wind sites, but also established a top-notch operations team which allows us to achieve above market performance levels from our facilities”

Gabriel Alonso, Chief Operating Officer (COO) North America